FutureTech II Acquisition Faces Delisting Threat from Nasdaq

FutureTech II Acquisition Corp. (NASDAQ: FTIIU) has recently found itself in a precarious position as it faces the threat of delisting from The Nasdaq Stock Market LLC. As per a Form 8-K filing submitted to the Securities and Exchange Commission on October 30, 2024, the company disclosed that it had received a notice from Nasdaq indicating that its Market Value of Listed Securities had fallen below the minimum threshold of $50 million required for continued listing on The Nasdaq Global Market.

According to Nasdaq Listing Rule 5450(b)(2)(A), FutureTech II Acquisition had a 180-day grace period to regain compliance with the Market Value Standard, which was set to expire on October 21, 2024. Unfortunately, the company failed to meet the requirements within the specified timeframe.

Subsequently, on October 23, 2024, FutureTech II Acquisition received a notice from Nasdaq stating that its securities would be delisted from The Nasdaq Global Markets unless the company requested an appeal by October 30, 2024, or applied to list its securities on The Nasdaq Capital Markets by the same date. Failure to do so would result in the suspension of trading of the company’s Class A Common Stock, Warrants, and Units on November 1, 2024.

In response, FutureTech II Acquisition appealed the delisting determination and requested a hearing with the Hearings Panel. Nasdaq confirmed on October 30, 2024, that the delisting action had been temporarily halted pending a final decision by the Panel. The scheduled date for the Hearing has been set for December 17, 2024, with a deadline for submission of materials by November 27, 2024.

While the company intends to present its case to the Panel to regain compliance with Nasdaq, there are no guarantees of a favorable outcome or the ability to maintain compliance with Nasdaq listing criteria.

Forward-looking statements included in the filing cautioned investors that actual results may differ from those anticipated due to various factors, including the success of the appeal process, the resolution of deficiencies in meeting the Market Value Standard, and the potential transfer of the listing to The Nasdaq Capital Market. FutureTech II Acquisition emphasized that such outcomes are subject to risks and uncertainties beyond their control.

As of the time of this report, the company is actively working to address the delisting threat and adhere to Nasdaq regulations to ensure continued trading of its securities on the exchange.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FutureTech II Acquisition’s 8K filing here.

FutureTech II Acquisition Company Profile

FutureTech II Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It focuses on business operating in the technology industry, including artificial intelligence (AI), robotic process automation, and other related technology market.